Canoe Financial LP Has $94.48 Million Stock Position in Range Resources Corporation (NYSE:RRC)

Canoe Financial LP reduced its position in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,405,009 shares of the oil and gas exploration company's stock after selling 506,500 shares during the period. Range Resources makes up approximately 1.5% of Canoe Financial LP's investment portfolio, making the stock its 28th biggest position. Canoe Financial LP owned 1.00% of Range Resources worth $94,483,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC increased its holdings in shares of Range Resources by 23.2% during the fourth quarter. LPL Financial LLC now owns 113,800 shares of the oil and gas exploration company's stock worth $4,095,000 after buying an additional 21,440 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Range Resources during the fourth quarter worth $380,000. Sanctuary Advisors LLC increased its holdings in shares of Range Resources by 169.1% during the fourth quarter. Sanctuary Advisors LLC now owns 17,944 shares of the oil and gas exploration company's stock worth $674,000 after buying an additional 11,276 shares in the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in shares of Range Resources during the fourth quarter worth $256,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Range Resources by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,112,602 shares of the oil and gas exploration company's stock worth $76,011,000 after buying an additional 94,898 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RRC shares. JPMorgan Chase & Co. upgraded shares of Range Resources from an "underweight" rating to a "neutral" rating and upped their price target for the stock from $43.00 to $45.00 in a report on Thursday, March 13th. Susquehanna lowered their price target on shares of Range Resources from $40.00 to $36.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Mizuho upped their price target on shares of Range Resources from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Tuesday, May 13th. Morgan Stanley set a $41.00 price objective on Range Resources in a report on Tuesday, April 15th. Finally, UBS Group raised their target price on Range Resources from $36.00 to $37.00 and gave the stock a "neutral" rating in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $41.95.

Range Resources Stock Performance

Shares of RRC opened at $43.20 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a 50-day moving average of $37.75 and a 200-day moving average of $37.42. The company has a market cap of $10.32 billion, a PE ratio of 38.57, a P/E/G ratio of 0.34 and a beta of 0.63. Range Resources Corporation has a one year low of $27.29 and a one year high of $43.33.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be paid a $0.09 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.83%. Range Resources's dividend payout ratio is presently 32.14%.

Insider Activity

In other news, Director James M. Funk sold 13,582 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $35.03, for a total value of $475,777.46. Following the completion of the sale, the director now directly owns 54,394 shares in the company, valued at $1,905,421.82. This trade represents a 19.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Ashley Kavanaugh sold 12,880 shares of Range Resources stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $39.00, for a total value of $502,320.00. Following the transaction, the vice president now owns 1,723 shares of the company's stock, valued at $67,197. This trade represents a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,080 shares of company stock worth $2,984,479 in the last three months. Company insiders own 1.00% of the company's stock.

Range Resources Company Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.

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